GHP acquired the building a year ago when it was approximately 60% occupied and has spent more than $1 million to upgrade it, according to managing partner Andrew Greenspan. "Despite reports of a slow leasing environment in the area, our investments at this property have paid off," Greenspan says.
Earlier this year, in fact, the company refinanced the property, securing an $8 million first mortgage. The broker on the mortgage deal was iCap Realty Advisors of White Plains, NY.
In the recent leasing activity, the engineering and construction firm Bechtel Corp. signed on for 6,400 sf, the deal that brought the building to full occupancy. Also, Watson Wyatt & Co., a benefits consulting firm, renewed for 17,213 sf; Forman Holt & Elias renewed and expanded its presence to 7,655 sf; Bergen's Promise, a non-profit children's assistance agency, took 6,300 sf; Garden State Therapy Center Inc. leased 3,900; and the JO'H Metro division of Johnson O'Hare also took 3,900 sf.
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